SEI Network Achieves $65 Billion DEX Volume Amid 12% Price Decline
The SEI network has experienced a 12% decline in the last 24 hours, bringing its price to $0.2180, approaching the psychological support level of $0.20. The market cap stands at approximately $1 billion, ranking SEI as the 69th largest cryptocurrency.
DEX Volume Milestone
- SEI network DEX volume reached $65 billion, marking an 11.25% increase over the past month.
- CETUS accounted for nearly $40 billion of the total DEX volume.
- A potential record DEX volume of $100 billion is anticipated based on recent trends.
Analyst Insights
- Analyst Mati highlights a possible bullish reversal for SEI, indicating recovery after a bounce from local support.
- A significant demand gap exists between $0.15 and $0.20, suggesting upward momentum could challenge resistance levels.
- If market conditions stabilize, a price rally to $0.60 is projected, representing a near 3x increase.
Price Analysis
- SEI's price trend is down 5.04% today, following a 15.52% drop yesterday.
- The price is retesting the demand zone near $0.2185 after a bearish reversal from local resistance.
- A bullish divergence in the daily RSI suggests potential breakout opportunities towards $0.40, coinciding with the 38.20% Fibonacci level.
- A slip below $0.20 may test the next support at $0.15.